Question

calculate marginal utility from the data given below . unit s consumed ,0,2,3,4,5,6 and total utility 0,30,56,80,102,122,146
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Answer 1

Answer:

It should be carefully noted that is the marginal utility and not the total utility than declines with the increase in the consumption of a good. The law of diminishing marginal utility means that the total utility increases but at a decreasing rate.